Is China going to take over the United States?

Sorry, I'm not the most politically inclined. I know that the U.S is extremely in debt...but what is the argument? Isn't it common sense just to quit spending to relieve the debt? Another stupid question probably...would it be possible to cut spending and increase taxes at the same time? Sorry if these are dumb questions I usually don't pay attention to the news but I was watching the Bachelorette and it was *rudely* interrupted by our president and I had no idea what he was saying or trying to say. Then my friend proceeded to say China is going to buy us out and take over the U.S. and kill everyone? I'm sure she was exaggerating but why did she say that? I'm in college and I'm starting to get worried about the future economy and also that I won't be able to get a stable job when I graduate!!! (I plan on going in the health care field..doctor or PA). Thanks in advance for answering my stupid questions :)